FPC001B Economic And Legal Context For Financial Planning - Assignment Help

Question 2 Finding the law (10 marks | Word limit: 600 words)

LO5: Explore the main sources of law and the regulatory structure of financial services law in Australia.
As outlined in Topic 3, accessing legislation and the law is a relevant skill for people working in financial services. For this question, use online legal resources to locate the following information in relation to this high-profile case.
One of the key issues throughout the case was whether Mr King was an ‘Officer’ of the company.
(a) Find section 9 of the Corporations Act, and provide:
(i) The definition of an ‘Officer’ under this Section.
In your answer provide the full text of the heading of the section, and the online address (hyperlink) and date you viewed it. (1 mark)
The Supreme Court found that MFSIM, Mr King and other senior officers within the MFS group had contravened numerous provisions of the Corporations Act in connection with the misuse of MFSIM’s funds.
The Court of Appeal overturned the ruling of the trial judge on the question of whether Mr King was an officer of MFSIM.
In AustLII, locate the 2019 Supreme Court of Queensland – Court of Appeal involving Michael King and The Australian Securities Investment Commission (ASIC) and provide the following details:
(ii) The full case citation and the orders made by the Court. (1 mark)
(iii) The key finding of the Court of Appeal on whether Mr King was an officer of MSFIM. (1 mark)
(b) ASIC then appealed this decision to the High Court of Australia.
In AustLII, locate the 2020 High Court case involving The Australian Securities Investment Commission (ASIC) and Michael King and provide the following details:
(i) The full case citation and the orders made. (1 mark)(ii) Provide the correct Harvard style citation of this report, including online address (hyperlink) and the date you accessed it. (1 mark)
(iii) Provide a summary of the ASIC comments in relation to this case. (1 mark)
(iv) Why do you think ASIC appealed this case? In your response provide reference to two key roles of ASIC in the financial markets. (2 marks)
(v) Provide four (4) brief comments on the significance of the ASIC v King decision from the perspective of a company?
Instructions to students: Students can provide 4 bullets points on how this case is significant to companies and its officer holders and advisers to the company. (2 marks)